Have you heard of the sunk cost fallacy?
It’s originally a financial idea – that people continue to sink money into something, not because making the additional investment is a decision that stands on its merits, but because of all the investment they’ve already made.
They’re thinking: “I can’t give up now!“
It has wider applications too, e.g., staying in an unhealthy (or hopeless) relationship because of all the time & effort & tears you’ve already put into it.
People sometimes behave like they’re prisoners to past decisions. But the good news is that we’re not.
I spoke to two clients this week about bad situations in their business. Situations that stem from communications issues.
In both cases the issues have been let persist for years. The sort of stuff we’ve all seen. Issues that look like they’re set in concrete.
But they’re not.
Directions can change.
Decisions can be revisited.
I know it’s easier said than done. It can take guts. Sticking your head above the parapet. No guarantee of success. Possible collateral damage.
But what’s the alternative?
You know the answer. Unless you change how you deal with things the issue will persist.
As the economist John Milton Keynes is reputed to have said:
“When the facts change, I change my mind. What do you do, sir?“
Do you want a supportive confidante as you look to make changes in your business?
PS: And concrete can be broken. You want to break a slab of concrete? Dig away underneath it and then give it one good whack with a decent sledgehammer.
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